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October 7, 2024
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0675 | 4.2475 | 4.9200 |
| Soybeans | -0.2850 | 10.3775 | 12.660 |
| Wheat | +0.0975 | 5.8975 | 5.6825 |
| Cattle | +3.250 | 187.00 | 183.075 |
| Hogs | +1.975 | 84.025 | 82.325 |
| Cotton | -0.51 | 73.03 | 86.85 |
| Milk | -0.56 | 22.56 | 16.86 |
| Crude Oil | +6.20 | 74.38 | 82.79 |
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Grain and oilseed futures were mixed on the week, with soybeans retreating amid profit-taking and technical selling, with harvest pressure and forecasts calling for improved rains in key Brazilian areas also playing a role. The harvest is progressing very rapidly for corn and soybeans, amid a prolonged stretch of dry weather across most of the Corn Belt. The warm and dry conditions are expected to remain in place for the next couple of weeks across the central U.S., aiding the harvest but also feeding worries about the winter wheat crop and drought. Corn got a boost early in the week from lower-than-expected Sept. 1 stocks in USDA's quarterly report. However yield reports for corn continue to come in strong, raising the possibility of an upward revision to the crop in USDA's monthly report Oct. 11. Wheat had support from dryness in the Black Sea region and crop issues elsewhere. Cotton was under pressure during the week despite major damage caused by Hurricane Helene to the Georgia crop. Crude oil surged on rising fears of a broader Middle East war involving Israel and Iran, which could result in reduced Iranian supplies.
In the livestock complex, live cattle futures rose for a fourth straight week, accelerating to strong gains on Wednesday on support from a strong cash market tone and technically driven buying. Futures set back on Thursday as technically overbought market conditions spurred profit taking but firmed again on Friday. Feeder cattle futures followed live cattle higher also finding support from tight U.S. feeder supplies and rising cash prices. Lean hog futures worked higher again on support from firmer-than-expected cash fundamentals. Stronger cash hog and wholesale pork prices contributed to the rally along with strong weekly U.S. pork export sales and positive economic news, including a better-than-expected monthly jobs report.
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